Saudi stadium plan scaled back
Saudi Arabia’s plans to dramatically increase the size and scope of football stadiums around the country have “been shelved” because of the impact of falling oil prices, sources have told Reuters.
Under plans announced by the late King Abdullah –who died in January – 11 new grounds were to be built.
However, three construction industry sources have told Reuters only two stadiums – in Dammam and one in either Makkah or Madinah – will go up as state funding has been hit by a fall in prices.
Tenders were announced, contractors submitted bids and winners were expected to be announced in early 2015, but the plan has stalled since King Abdullah’s death.
Dur to invest $399m in projects
Saudi Arabia’s Dur Hospitality has revealed plans to invest SR1.5 billion ($399.8 million) in a portfolio of 20 hotels and six residential complexes in the kingdom over the next seven years.
“The market is promising,” said Dr Badr Al Badr, Dur Hospitality’s chief executive officer, based on data released by reputable resources who expect around 25 million visitors to Makkah and Madinah by 2025.
Dur Hospitality, which is planning to expand into emerging cities in Saudi Arabia such as Jubail, Yunbu and Tabuk, has announced its first Holiday Inn in Tabuk – the first hotel to be developed under the master-development agreement (MDA) inked between InterContinental Hotel Group (IHG) and Dur Hospitality last year.
Jacobs wins InoChem PMC contract
US-based Jacobs Engineering Group said it has won a project management consultancy (PMC) contract from InoChem, a leading manufacturer of soda ash in Saudi Arabia, for its manufacturing complex in Yanbu Industrial City.
With the launch of the second phase of the complex, InoChem will become the first manufacturer of soda ash in the country and the region, said the company.
Under the terms of the agreement, Jacobs is providing PMC services during all phases of the project out of multiple locations around the world.
Earthmoving equipment market boom
The ongoing construction activity in Saudi Arabia is set to boost the demand for earthmoving equipment over the next six years which is projected to grow at a compound annual growth rate (CAGR) of 12.3 per cent, said a report.
According to leading research firm 6Wresearch, sectors such as transportation, retail, hospitality, and energy are witnessing significant growth.